Anti-Money Laundering

Liquidity Risk

Crypto Bank Silvergate Reveals Details of Post-FTX Bank Run

By Manesh Samtani | 10/01/2023

The bank faced $8bn in withdrawals, forcing it to sell $5.2bn in debt securities at a $718mn loss. Its stock has fallen 95% since Nov 2021.

Anti-Money Laundering

AML Effectiveness Requires Risk Awareness, Quality Data: JFSA

By Bradley Maclean | 10/01/2023

The FSA’s Daisuke Mamba and Hiroshi Ozaki discuss the regulator’s approach to its AML/CFT inspections and recent work to develop shared AML systems for the industry.

Anti-Money Laundering

PBOC Fines Three FIs a Combined $20m for AML Rule Violations

By Editors | 10/01/2023

China Merchants Bank, China Merchants Bank, UnionPay, and 26 of their responsible persons were fined for a total 31 regulatory violations.

Anti-Money Laundering

AUSTRAC: Risk Assessments Must be Alive to Emerging Threats

By Bradley Maclean | 08/01/2023

Top official Brad Brown discusses AUSTRAC’s ongoing work to upgrade its reporting system and further advance Australia’s AML/CTF system.

Fraud, Scams & Cybercrime

Singapore: Youth Pleads Guilty Over OCBC Phishing Scams

By Editors | 08/01/2023

The 19-year-old is the second Singaporean youth to plead guilty for helping an overseas syndicate launder the proceeds from phishing scams against OCBC customers.

KYC & CDD

India: KYC Becomes Mandatory for All Insurance Policies

By Editors | 08/01/2023

KYC documents have to date not been mandatory for non-life or general insurance policies at the time of purchase.

Cryptocurrency

US SEC Objects to Binance Acquisition of Bankrupt Crypto Lender

By Editors | 07/01/2023

The SEC may be concerned about a possible co-mingling of funds between Binance’s US and global entities to fund the acquisition.

Anti-Money Laundering

BSP Sets Out New Rules for Reporting Financial Crime Risk Events

By Editors | 06/01/2023

Banks and NBFIs will have to notify the BSP within 24 hours after they become aware of any significant money laundering, terrorism financing, or proliferation financing risk event.

Fraud, Scams & Cybercrime

New York: Former SPAC CFO Pleads Guilty to Fraud Charges

By Editors | 05/01/2023

The former CFO embezzled money from a SPAC to pay for personal expenses and trade in meme stocks and crypto assets. He also incorporated two other SPACs to conceal his theft.